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GM said discussions are under way about the Daytona sponsorship but the automaker has not reached an agreement.

“We don’t comment about our business discussions,” GM spokeswoman Jan Thomas said.

The Daytona sponsorship dates to the early 1970s. GM provides fire and safety vehicles, pace cars and other vehicles for use during the race, as well as a July race at the track. GM did not disclose how much it spends on the Daytona deal or NASCAR sponsorships.

GM, which is in danger of collapsing without a federal loan, is scaling back on corporate sponsorships. Major League Baseball’s Pittsburgh Pirates announced this week the automaker did not renew its one-year sponsorship deal.

The automaker has also recently ended an endorsement deal with PGA golfer Tiger Woods and opted not to advertise during Super Bowl XLIII, the prime time Emmy Awards and the 2009 Academy Awards, among other moves.

GM is slashing costs after losing almost $73 billion in the past four years and suffering through the worst industry-wide sales slump in 26 years. Its U.S. sales this year are down 22 percent.

Analysts say GM has been forced to scrutinize major expenditures pending the outcome of its request for an emergency loan from the federal government.

“GM may be waiting to make sure the loan money comes through, or that they want to take a look at what the (spending) restrictions are before they spend any money,” said Wes Brown of the Los Angeles marketing research firm Iceology. “In this current situation, you’ve got to assume there is no way GM is going to pay what it paid before and NASCAR has got to recognize it can’t expect to get what it got before.”

Scaling back motorsports sponsorships is seen as a risky move because the auto industry and racing are closely linked and give automakers a prime marketing opportunity to reach customers who buy domestic vehicles at a rate higher than the national average.

Race fans, particularly stock car enthusiasts, are loyal to the sport’s sponsors and advertisers. The heritage and loyalty runs so deep that NASCAR Chairman Brian France recently lobbied Congress to support a financial bailout of the auto industry.

NASCAR sponsorships are a wise investment because each race attracts about 120,000 fans, said Terry Dolan, manager of Chevy Racing. GM often creates a showroom environment on the speedway grounds, giving spectators an intimate look at its model lineup.

The 2008 Daytona 500 attracted 33.5 million television viewers and is the top-rated motorsports telecast in North America.

“It’s kind of like fishing where the fish are,” Dolan said.

Dolan said the amount of money Chevy Racing spends on NASCAR will be reduced next year, without providing details.

Still, “we will continue to honor contracts we have in place with our business partners,” he said.

This year, GM had sponsorships at 12 tracks that feature NASCAR events, including the Indianapolis Motor Speedway, though three of those sponsorships have not been renewed.

Chevrolet also is the official vehicle sponsor of the Chevy Rock & Roll 400 held in September at Richmond International Raceway in Virginia. That sponsorship expires next year.

“We’re still working on that. Obviously with everything going on, we understand what they’re going through,” track spokeswoman Aimee Turner said. “We want to keep the relationship with Chevy.”